Federal Mortgage Settlement...

After more than a year of negotiating, a settlement has been reached by banks, states attorneys general and federal officials. This settlement will provide $26 billion for "direct relief to borrowers" and "loan-modification and assistance" (RIS Media). Although this may be helpful to many homeowners who were are are in crisis, it is not a complete solution. Oklahoma State Attorney General, Scott Pruitt, opted to settle with mortgage companies separately after "voicing strong concerns that the settlement greatly overreached the authority of state attorneys general and warned the terms created questions of fundamental fairness and justice by rewarding homeowners who stopped paying their mortgages over families who continued to make payments even if they were underwater on their loans"(OAG Press Release 2-9-12).

For more information on the federal mortgage settlement, visit www.darrylbaskin.com or the Oklahoma mortgage settlement, visit www.oag.state.ok.us.

For all your Tulsa area real estate needs, contact us, The Baskin Real Estate Specialists, at 918-258-2600 or www.darrylbaskin.com.

For Tulsa, OK. area mortgages, contact Karen Heston, BOK Mortgage, 918-230-9432 or kheston-boklo.mortgagewebcenter.com

Mortgage Disclosure Improvement Act...

Lenders have always had to disclose the overall cost of your loan and other information during the lending process. This includes fees and the actual Annual Percentage Rate. Lenders that are not reputable would play games with the rate by adding fees. Many clients would close with a higher rate because the lenders would change the fees at the last minute. This act requires that lenders redo the Truth in Lending disclosure if the APR goes up by .125% or more. It also requires that closing must wait 3-7 days so that the buyers have time to understand any changes that may have happened. This can sometimes cause an issue when purchasing a home because this waiting time can't be waived. It is required and closing will sometimes be delayed. This also can increase costs for the seller and buyer for items such as interest, storage costs due to delayed closing and more.

For your Tulsa mortgage, contact Steve Currington with Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com

For all your Tulsa, Oklahoma area real estate needs, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com

Do you know enough to get a good mortgage?

Last month, RIS Media presented an article entitled, "Nearly Half of Home Buyers Surveyed Don’t Understand Essential Information about Mortgages". Do you know enough to ensure that you can make an educated decision and get a good mortgage?

Here is some surprising information found in that article:

• "More than half (57 percent) of prospective home buyers who were polled do not understand how adjustable rate mortgages (ARMs) work."
• "One-third (34 percent) of the respondents who are prospective home buyers do not understand that lender fees are negotiable and that they vary by lender."
• "Nearly half (45 percent) of polled prospective home buyers believe that they should always buy mortgage discount points when obtaining a mortgage."
• "More than half (55 percent) of prospective home buyers in the study do not understand that mortgage rates vary throughout the day."
• "More than one-third (37 percent) of prospective home buyers who were polled believe that pre-qualifying for a loan means they have secured financing."
• "More than two in five (42 percent) of the polled prospective home buyers do not understand that Federal Housing Administration (FHA) loans are available to ALL buyers."

One way to ensure that you are well educated about mortgages, before you get one, is to do your research. Zillow.com offers lots of great information about mortgages and other real estate related fields. Click the link for more information.

Another way to make sure that you get the best mortgage, is to use a knowledgeable, experienced, and well respected mortgage broker. Selecting the right mortgage broker can mean lots of savings for you in the long run, as well as prevent a lot of hassle and run-around.


To read the original article, "Nearly Half of Home Buyers Surveyed Don’t Understand Essential Information about Mortgages" visit the link.

For all your Tulsa mortgage needs, contact Steve Currington, Currington Mortgage, 918-394-5626 or www.curringtonmortgage.com.

For all your Tulsa real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Five Questions You Should Ask Your Tulsa, OK Mortgage Banker.

1. How much down-payment do I need to buy a house? If you are a veteran or buying in a rural area you can get 100% financing and seller can pay closing costs. If you are Native American you may be eligible for a Hud 184 loan. This loan requires as low as a 1.25% down-payment, depending on the amount of the loan. FHA requires a 3.5% down-payment, Conventional a 5% down-payment, and Investment loans a 20% down-payment.
2. What are Points/Origination Fees? Point and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is $1000
3. How do I find out exactly what my closing costs, fees, and other things are when I am comparing Tulsa mortgage companies and their rates? Ask for a Good Faith Estimate. Look at fee lines 800-900. Compare the rate, points/origination fee, and other items within that range.
4. What constitutes a rural development loan? It is all based on the population or an area. Owasso and Glenpool are still rural and are eligible for a rural development loan. USDA Rural Development website can give you more information about an area you are interested in.
5. How do Tulsa Mortgage Bankers get paid? My commission is based on the volume I produce. The more I produce the higher percentage I make.

If you have questions about a Tulsa mortgage, contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com

For all your Tulsa, OK real estate needs, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com

The "Norm" Changes for Mortgage Down-Payments!

Before the housing market crashed a few years ago, the "norm" used to be for buyers to save for years until they had enough money to put a down-payment on a home. Lenders are now taking us back in time as they change the requirements for a loan. If you are thinking about buying a home or are in the search for one, keep these things in mind:

• To receive low-rate mortgages or refinancing, lenders now require 10% down-payment or equity.
• If you can't put down 10% you still have the option for an FHA insured mortgage but you will still need 3.5% down-payment
• For no down-payment loans you need to qualify for a Department of Veterans Affairs Guaranteed Home Loan or a USDA Rural Housing Service Loan.
• A first mortgage of 80%, with a 5-10% down-payment, and the remaining 5-10% on a second-mortgage can, in many cases, be cheaper than getting the home loan with mortgage insurance.

Take advantage of extremely low mortgage rates and buy or sell your Tulsa, OK area home today. Contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

To read the original article in the Tulsa World, "Buyers Forced to Jump Through Hoops", click here.

Mortgage Rules Make it Harder to Qualify!

For some buyers, it will be more difficult to qualify for a loan for their new home. Why? Well, the mortgage market and the housing market have both changed a lot over the last couple of years. These changes have caused the rules for qualifying for a low-interest mortgage much more difficult.

In the past, many homeowners were passing on the fixed-rate mortgage and utilizing an adjustable rate mortgage. Bankrate says that for some homeowners, those not planning to stay in their home longer than 5 years, an adjustable rate mortgage was usually a good fit. For those that did plan on staying in their home for more than 5 years, a fixed rate mortgage was usually the right choice. With the changing economy and more difficult standards, however, things are changing.

Two of the new rules for mortgage qualification include:

• FICO scores must now be at least 740 in order to get the best rates, fees, and points.
• Homeowners using an FHA loan may now only spend 31% of their gross monthly income on their house payment, including principal, insurance, interest, taxes, and association fees.

Want a few tips to help improve your chances? First, check your FICO score regularly. If your score is lower than optimum, you can begin making changes to raise the score. If your score is already high, then you know you are doing the right things. Second, don't focus simply on interest rates when trying to get a loan. Remember that you have the option to pay discount points or change the type of loan. Third, always compare several different loan options to determine what the differences in cost really are. You can compare a loan with a higher interest rate with no points to a loan that is a lower rate but requires points to be paid. You can also compare your options with different companies. Finally, if you refinance your house after 5 years, don't get another 30 year loan. Get your loan amortized for the remaining period of your old loan.

To read the article from the Tulsa World, "Buyers Forced to Jump Through Hoops", visit this link.

To buy or sell your Tulsa, OK property, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

The Top Questions You Should Ask Your Mortgage Banker!

Most home buyer's have questions about their mortgage and the mortgage process. It is easy to get overwhelmed with the process so keep this list handy to get you started:

• How much down-payment do I need to buy a house? If you are a Veteran or buying in a rural area you can get 100% financing. The seller is also allowed to pay your closing costs. If you are Native American you may be eligible for a Hud 184 loan. This loan requires as low as a 1.25% down-payment, depending on the loan amount. For an FHA loan, you must put down 3.5%, for Conventional a 5% down-payment is required, and Investment loans require a 20% down-payment.
• What are Points/Origination Fees? Points and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is equal to $1000.
• How do I find out exactly what my closing costs, fees, and other items are when I am comparing mortgage companies and rates? Ask for a Good Faith Estimate. Look at fee lines 800-900. Compare the rate, points/origination fees, and other items within that range.
• What constitutes a rural development loan? A rural development loan is all based on the population of an area. Owasso and Glenpool, for example, are still rural and are eligible for a rural development loan. USDA Rural Development website can give you more information about any areas you are interested in.
• How do Mortgage Bankers get paid? Generally, it is based on a commission calculated from the volume produced. The more produced, the higher percentage.

If you have questions about a mortgage, contact Karen Heston at BOK Mortgage, 918-230-9432 or visit her website.

For real estate questions and all your real estate needs, contact Darryl Baskin, McGraw Realtors at 918-259-2600 or www.darrylbaskin.com.

Buy Now or Wait for Lower Rates?

With memories of home mortgage rates of 16% and 18% in years past, current mortgage interest rates are at some of the lowest points in the last 25 or 30 years. At this time, mortgage interest rates are in the 5% range, depending on the type of loan obtained. For most "First Time Home Buyers," the interest rates have probably never been lower in their lifetime. Even for seasoned home buyers, current interest rates are a real bargain! Waiting for a possible drop of perhaps 1/4% of mortgage rate does not justify waiting to purchase a home when the mortgage interest rate could just as easily go up 1/4% to 1/2%. If a home purchase is a consideration, taking advantage of the current interest rates would be a wise course of action.

To discuss current mortgage rates and information contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

To buy a home in the Tulsa, Oklahoma area, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

For a directory of home maintenance professionals visit www.tulsahomemaintenance.com.

Define "A Good Builder"

A Good Builder is one who doesn't have to build another house. What does this mean? Many home builders go out of business because they don't manage their money well. When a builder finishes a house, cash flow to pay the bills often comes from the next construction loan. This may seem harmless unless you are the last house they build when a banker says "No more money." If any sub-contractors don't get paid, they have the right to file liens against the property you just paid for! This really happens! Ask around.



Make sure you investigate your home builder and their financial standing. Certain loan types can help shield homebuyers from these dangers. Click here for more information on construction loans and Tulsa, OK area home builders.

FHA Loan Limit Increased to $271,050!!!!

The Federal Housing Administration announced an increase in the FHA home loan limit today! Word came to me today courtesy of Karen Heston at Bank of Oklahoma Mortgage. Karen is the loan advisor who provides information for my radio show on 1170KFAQ on Saturday mornings. The new loan limit will allow Tulsa area home buyers to get a higher FHA loan which helps home buyers buyer without a large downpayment. Get more information on home loans in Tulsa, OK and home buyer guides here.

FHA Loan limit increased to $271,050!!!!

Darryl Baskin is a leading real estate sales professional with McGraw Realtors, host of The Future of Real Estate television and radio programs. Baskin produces over 40 million in real estate home sales and commercial sales.
Listed in Who's Who in Luxury Real Estate, The Board of Regents, recognized StarPower Star, Cyberstar, public speaker and author.

To sell or buy real estate in the Tulsa OK metro are, contact The Baskin Real Estate Specialists of McGraw Realtors 918-258-2600

Free House Appraisals Offered

Pinnacle Mortgage, a division of ONB Bank announced free appraisals for a limited time for customers who present the above certificate. The free appraisal offering is valued at more than $300. See certificate for details. Jeff Sargent of Pinnacle Mortgage can be reached at: Office: 918.392.6572 or Cell: 918.636.0630 for loan information.